GCFA Winter Meeting
Friday, February 9, 2018
Nashville, TN – The General Council on Finance and Administration (GCFA) held its winter 2018 meeting by WebEx on February 9, 2018.
In its session, the board approved a recommendation by the Committee on Personnel, Policies and Practices (CPPP). The CPPP consists of board and staff representation of each agency receiving general Church apportioned funds. The Board approved changes to the retiree benefit plan to allow for a Retiree Benefits Exchange Program. General agency and Council of Bishops retirees will have more options such as a licensed benefits advisor; multiple plans to choose from—including $0 cost medical plans; Health Reimbursement Accounts to pay for premiums, co-pays, deductibles; and more. The Committee is scheduling information and education sessions to notify those who will be affected by the change which becomes effective January 1, 2019.
The Board received the report of the Committee on Fiduciary, Foundation and Property Matters (CFFPM) related to short-term investments. The short-term investment pool is comprised of the cash balances of most of the general agencies. The underlying investments yielded a return of 4.37% for all participants in 2017. This result exceeds the goal for the short-term pool performance and benefits the programmatic and operational needs of the agencies.